Phillips Realty Capital Secures $57.5M Loan for Industrial Portfolio in Metro Miami, Tampa
HIALEAH AND TAMPA, FLA. — Washington, D.C.-based Phillips Realty Capital has secured a $57.5 million bridge loan for HighBrook Investors, which is acquiring and repositioning a four-property, 740,400-square-foot industrial portfolio located near Miami and in Tampa.
The portfolio includes three buildings in metro Miami and one in Tampa. The metro Miami properties were delivered between 1959 and 1968, and the Tampa warehouse was built in 1987.
The Miami-area properties include three industrial warehouses totaling 306,000 square feet. These properties are located at 3455 NW 54th St., 5400 NW 32nd Court and 5530 NW 32nd Court in Hialeah, which is two miles northeast of Miami International Airport and less than six miles northwest of downtown Miami and Port of Miami. Building amenities include reinforced concrete buildings on approximately 10.9 total acres of land with onsite access to a CSX freight rail line.
Located at 6708 Harney Road in the East Tampa submarket, the fourth property is a 434,000-square-foot warehouse situated one mile northwest of Interstate 4, six miles northeast of downtown Tampa and eight miles east of Tampa International Airport. The property is located within three miles of two new Amazon fulfillment centers. Additionally, the property includes 13.2 acres of vacant land, which is entitled for up to 180,000 square feet of industrial development. Building amenities include two drive-ins and a direct freight rail connection.
Malcolm Shaw, Steve Shaw, Harmon Handorf and Finn Dunne of Phillips Realty Capital arranged the loan on behalf of HighBrook Investors. A vehicle sub-advised by Miami-based Rialto Capital Management LLC provided the loan, which includes funds for capital expenditures and leasing reserves.